THE DECENTRALISED FINANCIAL PASSPORT

Regulated financial institutions must, by law, operate expensive, time-consuming customer

due diligence processes (KYC, KYB etc) to continuously understand who their customers are.

Those customers are increasingly managing their finances from smartphones and soon they

will be doing that without passwords, pin numbers, memorable questions or ever having to

rekey their identity data. There will be no need to rely on paper credentials or overshare

personal information; this will be liberating for both customers and financial institutions.

The Decentralised Financial Passport concept relies on decentralised identity technology and

the open standards that are fast becoming real world infrastructure. This new global identity

layer enables reputable institutions to issue portable digital identity credentials that are

controlled by their customers. This streamlines onboarding, reduces complexity, reduces costs

and vastly improves data security. New revenue streams and business models will emerge.

This briefing is for innovators at UK financial institutions. It introduces the concepts,

opportunities and challenges around decentralised identity, plus a roadmap for adoption.

The Decentralised Financial Passport Concept ............................................................................................. 2

Global Decentralised Identity Networks .......................................................................................................... 3

Governance, Governments and Regulation ................................................................................................... 4

Six Phase Roadmap for Adoption ...................................................................................................................... 9

Calls to Action ........................................................................................................................................................ 12

Further Information and About the Author ................................................................................................ 13

Al Sherriff

September 2019

The Decentralised Financial Passport

2

The Decentralised Financial Passport Concept

Conceptually, a Decentralised Financial Passport is simply a

smartphone app used by customers to digitally prove who

they are with a single tap when accessing any of their bank

accounts, pensions, loans, savings, mortgages, insurance

policies, credit cards etc held at financial institutions.

After initial registration, a returning customer can simply tap

a notification on their phone to confirm they want access to

an online financial service. This action simultaneously grants

their consent to the financial institution to cryptographically

verify their digital identity credentials and authorise access.

Crucially, customer identity credentials can be verified totally

independently of their issuers. For example, if a bank needs

to check a proof of residency credential issued by a utility

company, they do not need to build an integration with that

utility company or any utility companies their customers use.

Financial institutions will soon be creating and issuing

portable, digital KYC credentials for their customers as a

valuable new service that will become expected as standard.

Customers will organise

and manage their digital

credentials using apps similar to the Decentralised Financial

Passport. Decentralised KYC credentials will be portable and

reusable by customers with other financial institutions who

choose to trust their issuer. They can be reviewed and

revoked by their original issuers at any time. The

opportunity for portable, digital KYC credentials therefore

applies to both issuing and relying institutions.

This is the foundation for secure, portable KYC using

decentralised identity technology - also known as “self-

sovereign identity” or “self secured identity”. Decentralised

identity is becoming real world technology infrastructure

right now, bringing streamlined customer onboarding,

improved customer service, reduced operational costs and

reduced risk with hugely enhanced data security.

Global decentralised identity networks will benefit financial

institutions and their customers. They will bring in new

customers, simplify switching and are thought by many to

be a prerequisite for much broader financial inclusion.

UX Concept by CBoxx for a

Decentralised Financial Passport

The Decentralised Financial Passport

3

Global Decentralised Identity Networks

Decentralised identity is founded on the emergence of

global decentralised identity network infrastructure built

around open standards and designed at the core to provide

interoperability and integration with existing systems.

Decentralised identity networks exist now, such as Sovrin

that officially went live in 2017; while others are in

incubation. Their success will rest on the widespread

adoption of open standards such as W3C Verifiable

Credentials coupled with Decentralised Identifiers (DIDs). DIDs enable the management of

Verifiable Credentials completely independently of centralised authorities or registries because

they are cryptographically anchored to a Decentralised Identity Network.

The identity network actors are Issuers, Owners and Verifiers. Issuers will include government

agencies, financial institutions, corporations, educational establishments and NGOs who will

all generate digital verifiable credentials for Owners who will use their Identity app to store

and then present them on request to Verifiers who can reliably and independently check them.

Decentralised identity Issuers and Verifiers can operate independently of each other by

adopting open standards and building one connection to a decentralised identity network.

“Credentials are a part of our daily lives; driver's licenses are used to assert that we are capable of

operating a motor vehicle, university degrees can be used to assert our level of education, and

government-issued passports enable us to travel between countries. These credentials provide

benefits to us when used in the physical world, but their use on the Web continues to be elusive.”

Abstract from W3C Verifiable Credentials specification

The Internet was built

without a way to know

who and what you are

connecting to.

The Laws of Identity by

Kim Cameron, Microsoft

Architect of Identity in 2005

The Decentralised Financial Passport

4

Governance, Governments and Regulation

Vast pools of personal identity data have been

collected, stored and controlled by public and private

organisations over the past two decades or more.

These hackable honey pots have become hugely

attractive to attackers as the value and power of the

data economy has been growing.

The driving force behind decentralised identity is the

elimination of identity theft and fraud at scale. There

has been a growing public reliance on private corporations such as the social media and tech

giants to diligently protect their vast silos of customer identity data. Control and consent over

the use of personal data must shift back to individuals to effectively tackle this problem.

Identity theft and misuse has caused enormous damage to individuals, corporations and

governments, rightfully giving rise to increasingly strict and punitive personal data privacy

regulations such as GDPR in the EU.

Fundamental to a Decentralised Identity Network is a governance structure that ensures no

individual member can dictate the behaviour and rules of the network or associated

ecosystems. The most advanced example at present is the Sovrin Network created to function

as a global public utility for self-sovereign identity. The Sovrin Foundation is a not-for-profit

constituted to recruit and organise a global collection of Stewards who are trusted to

collectively abide by the rules of the foundation to operate the network nodes. At the time of

writing there are 59 Stewards listed, including IBM and Cisco. The Sovrin Network itself is

Distributed Ledger Technology (Hyperledger Indy) which means that technical consensus and

trust between Stewards is enforced by code and no single Steward can subvert the network.

The Decentralised Identity Foundation (DIF) is a

growing global co-operative that is collectively

building the tools and technologies around

decentralised identity open standards with the

goal of establishing an open, healthily

competitive ecosystem. DIF is working at the

coalface of decentralised identity with 79

members so far. Members include Microsoft and

Mastercard who announced their own

collaboration at the turn of 2019 to create an

international Digital ID based on decentralised

technologies, standards and infrastructure.

The growing awareness, understanding and acceptance of decentralised identity within

regulated environments, is demonstrated by a rising number of digital identity projects within

the UK Financial Conduct Authorities ‘Regulatory Sandbox’ program. Cohort 5 of the FCA

We welcome in particular the

work of the Decentralized Identity

Foundation (DIF) for distributed

identifiers, the Worldwide Web

Consortium (W3C) for verifiable

claims and the Open ID Foundation

in driving open identity standards.

Mastercard, Restoring Trust in a Digital

World, March 2019

…control over users’

data and digital

possessions and activity

is rapidly moving from

an asset to a liability.

Vitalek Buterin, Ethereum Founder,

May 2019

The Decentralised Financial Passport

5

Sandbox includes active DIF members Evernym, Onfido and uPort working together with

Deloitte and Signicat as “Fintech Delivery Panel Partners” to conduct …

Self-Sovereign Identity was a popular topic at the Think Digital Identity for Government event

in London in early June 2019 where on a panel of public sector Digital Identity Leaders, the

Deputy Director of Identity at the UK Department for Work and Pensions (DWP) declared that

she “loathed” (!) Self-Sovereign Identity but is now coming around to the idea. With a prescient

piece of agenda planning, an NHS group then demonstrated their pilot to solve chronic

problems with the management of Doctors identity credentials, using portable self-sovereign

identity on Sovrin developed using the W3C Verifiable Credentials and DID open standards.

A week later Facebook announced Libra and central banks and regulators took serious notice

of a potentially systemic economic event. Libra intends to create a global digital currency,

based on the principles of decentralisation and stablecoin technology. The Identity community

drew attention to an important clause in the Libra Association White Paper…

Facebook believe that decentralised identity must go hand-in-hand with the Libra global

payments system and is therefore vital in proving their trustworthiness to regulators.

Decentralised identity technology goes a long way towards delivering the absolute trust

required by financial regulators and data protection authorities. Libra plans to deliver in 2020

indicating they will move fast and will need to adopt existing open standards. This notion is

reinforced by the presence of active DIF members amongst the Libra Association founders

such as Mastercard and PayPal (via Cambridge Blockchain).

Despite current politics, the UK government direction on digital identity must align with the

EU and other national standards. Arguably, Brexit will accelerate the automation of processes

due to an increase in cross border administration. eIDAS is the EU regulation for “electronic

identification and trust services”. It references a range of services to verify the identity of

individuals and businesses online and the authenticity of electronic documents. In the UK it is

supervised by the ICO (Information Commissioners Office) who also supervise GPDR. The goal

“A test that is looking to show that consumers can take control over their digital identities

and ‘port’ previously verified digital identities across different companies that rely on them

to satisfy their customer due diligence and KYC obligations related to identity verification.”

FCA Regulatory Sandbox – Cohort 5 – Fintech Delivery Panel Partners

https://www.fca.org.uk/firms/regulatory-sandbox/cohort-5

An additional goal of the association is to develop and promote an open

identity standard. We believe that decentralized and portable digital identity is a

prerequisite to financial inclusion and competition.

Facebook, Libra Association White Paper, page 8, June 2019

The Decentralised Financial Passport

6

of eIDAS is to provide a cross border legal framework within the EU that will generate greater

trust in electronic transactions between businesses, people and public authorities.

In the UK, eIDAS has been implemented by the federated GOV.UK Verify scheme that while

serving nearly 5 million users today, is deemed to have been largely a failure and is now in a

period of transition. It is due to have all public funding withdrawn by April 2020 and access

opened up to the private sector. https://www.gov.uk/performance/govuk-verify

The focus of UK government departments such as DCMS (Department for Digital, Culture,

Media & Sport) and GDS (Government Digital Services) is a drive towards the widespread

adoption of interoperable standards as indicated by GPG45 (Good Practice Guide 45) that has

been specifically designed to align with eIDAS, NIST and other national trust frameworks. At

the core of GPG45 lies four Levels of Identity Assurance (LOA) supported by GOV.UK Verify:

• LOA1 – Low Risk. UserId/Password and/or Social Media Account access are sufficient.

• LOA2 – High Risk of Identity Fraud e.g. protecting money or licenses. The relying party

must know on the balance of probabilities who the user is and that they are a real

person. Two Verifiable Claims are required: Proof of Identity (e.g. Passport, Birth

Certificate) and Proof of Account Ownership e.g. bank account, mobile phone contract.

• LOA3 – User could face serious consequences from identity fraud e.g. physical harm or

financial ruin. The relying party must know beyond reasonable doubt who the user is,

and that they are a real person.

• LOA4 – User could face life threatening consequences as a result of identity fraud. An

additional biometric profile must be captured at the point of registration.

It is evident that decentralised identity solutions must support LOA1 and LOA2 as a minimum

to be acceptable to regulated UK/EU financial services environments.

The UK has absolutely no mandate to create a centralised digital identity scheme such as

Aadhaar in India or the WeChat ID national digital identity rollout across China. The overall UK

vision is to enable the creation and reuse of trusted, portable, flexible, open standard digital

identity credentials across the public and private sectors. In July 2019 DCMS issued an open

call for evidence, requesting responses by mid-September 2019:

We are committed to enabling a digital identity system fit for the UK’s growing digital

economy without the need for identity cards by working in partnership across government,

the private and voluntary sectors, academia, and civil society. We see there are significant

benefits for citizens and consumers being able to create digital identities under their own

control and then to use different verified attributes to access a range of services as and

when needed … In particular we’re interested in evidence of the demand for individual-

controlled reusable digital identities – trusted identities usable in more than one place

DCMS and Cabinet Office, Digital Identity: Call for Evidence, July 2019 https://www.gov.uk/government/consultations/digital-identity

The Decentralised Financial Passport

7

The outcomes of the DCMS research may influence new digital initiatives. One potential

example in UK financial services is the Pensions Dashboard that aims to help “… transform

retirement savings and pensions forever.”

At the heart of the proposed

pensions dashboard architecture

(see diagram) is the industry

funded Identity Service that must

satisfy the GPG45 rulebook for

‘Identity Proofing and Verification

of an Individual’ while operating

within the proposed digital

identity guidelines. The system

must use open standards with

LOA2 standard assurance for the

identity credentials of consumers

and their professional advisers.

Source: Pensions dashboards: Working together for the consumer (April 2019)

https://www.gov.uk/government/consultations/pensions-dashboards-feasibility-report-and-consultation/pensions-dashboards-

working-together-for-the-consumer#chapter-4--architecture-data-and-security

Beyond KYC / KYB there are high volume identity related processes for individuals to authorise

others to make financial decisions on their behalf. The authorised persons must be able to

prove to the financial institutions concerned that they have been granted authority. e.g.

• Letters of Authority are tripartite agreements between customers (policyholders), their

financial advisers and financial institutions (providers). They are an essential, frequently

paper based, onerous part of the industry processes for customers to register with and

change financial advisers and also for advisers to manage their customers assets

(pensions, ISAs etc) and transfer assets between providers;

• Power of Attorney is becoming increasingly important as the population ages. It is

particularly vulnerable to fraud and therefore financial institutions must take special

care in checking the identity credentials, level of authority and subsequent actions of

attorneys that register with them to act on behalf of their donor.

In both of these cases it is easy to envisage how a portable, verifiable credential that digitally

proves the authority and authenticity of individuals will streamline the processing (when it is

needed) and improve data security. In the case of Power of Attorney there is more than just a

financial business case, attorneys may often be trying to act during times of acute distress

while the staff processing their requests must also be extra vigilant against fraud.

https://www.financial-ombudsman.org.uk/consumers/complaints-can-

help/complaints/power-attorney

The Decentralised Financial Passport

8

Decentralised identity conceptually fulfils the UK government goals for digital identity. There

must be opportunities as GOV.UK Verify opens up to the private sector while at the same time

decentralised identity networks and open standards are maturing and gaining traction

globally.

The Tech UK white paper on Digital Identity published in February 2019 recommends the

following steps are taken by government …

The Bank for International Settlements (BIS) issued their Annual Economic Report in June 2019

and their analysis of big tech in finance highlights how challenges faced by three different

national authorities that must work together are not entirely compatible – competition

authorities, financial regulators and data protection authorities. Financial regulators must

apply specific standards for the financial sector, whereas competition and data privacy laws

must apply general standards to a very wide range of businesses.

These conflicts are exposed as big tech avances deeper into the provision of financial services

with the temptation to take full advantage of their great stores of personal data and histories

of transactions with analytics around buying patterns and interpersonal relationships. The use

of such powerful data tools by regulated financial institutions are generally restricted. The BIS

proposes a ‘regulatory compass’ in an attempt to illustrate the situation and provide a tool to

help policymakers, big tech firms and financial institutions to navigate a safe path.

https://www.bis.org/publ/arpdf/ar2019e3.htm

The next section attempts to pull the strands of this discussion together to propose a broad

roadmap for decentralised identity to deliver the potential it brings to real-world systems,

processes and environments, focussing on UK financial services.

• A Government policy for the creation of a fully functioning digital identity ecosystem

across public and private sectors.

• The Government release plans for the creation of a framework of digital identity

standards open to all players.

• One point of contact for digital ID within government.

• That digital IDs be seen on an equal footing as paper-based verification.

• A lawful basis for the processing of biometric data.

The case for digital IDs, A techUK white paper, February 2019

https://www.techuk.org/images/documents/digital_id_FINAL_WEBSITE.pdf

The Decentralised Financial Passport

9

Six Phase Roadmap for Adoption

This section outlines a roadmap for financial institutions to consider when planning their

assessment and adoption of decentralised identity. It favours an approach of continuously

enhancing existing frameworks and systems, rather than rip & replace.

1. Issue reusable Digital KYC Verifiable Credentials for one Service within an Organisation

Phase 1 will need a project defined to deliver clear benefits to both customers of the service

and the organisation providing the service. It must identify and tackle the challenges to be

overcome to lay down strong foundations for the later phases.

Phase 1: Reusable Digital KYC

Streamline customer experience: easy onboarding, no passwords, one-tap verify

Reduce customer support costs

Reduce the risk of identity theft and fraud

Assess suitability of decentralised identity technology, select trusted partners

Implement new KYC issuance, authentication and verification processes

Deliver Decentralised Identity app, decide whether to partner or build

Future proof by adopting decentralised identity open standards from the outset

2. Extend reusable Digital KYC Credential to work across Services within the Organisation

Phase 2 is initiated once the benefits of Phase 1 have been quantified and a clear business

case agreed to deliver a project to rollout across the organisation.

Phase 2: Extend use of Reusable Digital KYC across Organisation

Further streamline customer experience: one-tap verification

Further reduce customer support costs across multiple services

Further reduce the risk of identity theft and fraud

Implement a broad rollout of authentication and verification processes

Engage with the financial services identity community, prepare for sector rollout

The Decentralised Financial Passport

10

3. Extend the reusable Digital KYC Credential to relying Organisations across the Financial

Services Sector, operating at scale within the same legal and regulatory jurisdiction.

The Decentralised Financial Passport concept is fully realised in this phase. A digital identity

consortium of regulated financial institutions that operate within the same jurisdiction will

be required, supported by legal and compliance experts to implement a suitable

decentralised governance framework. Relying parties may pay credential issuers each time

customers use their KYC / KYB Credential to access a service. Trusted issuers may in turn

rely on the creation of identity insurance products to safeguard them against their own

risks and liabilities. Government support will be required from this phase forwards.

Phase 3: Digital KYC reusable across Financial Services Sector

Streamlined KYC processes across the financial services sector

Reduced customer support and onboarding costs across the sector

Reduced risk of identity theft and fraud across the sector

Implement authentication and verification processes that rely on external issuers

Create legal framework for liability and protection of issuing and relying parties

Setup suitable governance structure for decentralised identity consortium

Agree economic model for credential issuing and relying parties

4. Broaden the use of Verifiable Credentials within the Financial Services Sector.

This phase moves beyond KYC/KYB to verifiable credentials for improving other processes

that rely heavily on secure identity checks e.g. Letters of Authority, Asset Transfers and

Power of Attorney processes can be greatly improved with digital verification.

Phase 4: Multiple Verifiable Credentials across Financial Services Sector

Streamlining of multiple identity processes across the financial services sector

Further reduced customer support and onboarding costs across the sector

Further reduced risk of identity theft and fraud across the sector

Improve processes for letters of authority, asset transfers, power of attorney etc.

Extend legal framework for liability and protection of issuing and relying parties

The Decentralised Financial Passport

11

5. The principles proven by the Decentralised Financial Passport can now be extended to

other sectors and perhaps even drive the creation of a general “Digital Passport”.

This ambitious phase must align with government strategy at policy level, combined with

opening secure access to state digital services to create a broad digital identity ecosystem.

Phase 5: Digital Identity Credentials reusable across multiple Sectors

Sectors could include Financial Services, Healthcare, Education, State etc.

Streamlined access to services and reduced costs across multiple sectors

Reduction in risk of identity theft and fraud across multiple sectors

Wide reduction in GDPR liability, citizens control their own data and consent

Accelerated innovation opportunities, such as aggregated personal services

Economic benefit estimated at £27.8bn increase in UK GDP See page 4 of https://www.ctrl-shift.co.uk/reports/DCMS_Ctrl Shift_Data_mobility_report_full.pdf

Establishment of a single adaptive UK regulatory entity for digital identity

Regulator opens “golden issuer” API access to private sector identity verifiers

6. A successful National Digital Passport sets a model for International Digital Passports

This final phase tackles serious global challenges faced today, including humanitarian

causes. It relies on a degree of global political alignment and may face opposition from

corporations whose business models are based on monetising their silos of personal data.

Phase 6: Digital Identity Credentials reusable across Borders

Fast, regulated, low cost, cross border remittances and payments

Financial inclusion enabled through “thin file” portable digital identities

Humanitarian causes supported by refugee & aid worker digital passports

Innovation opportunities are now opened up on a global scale

Resistance encountered from organisations built to sell personal data

Challenges of supporting regulatory requirements across multiple jurisdictions

The Decentralised Financial Passport

12

Calls to Action

The digital identity landscape is evolving rapidly with the shift towards decentralised identity

strengthening daily. Identity, payments and asset tokenisation technologies are advancing

hand-in-hand with the prevailing direction of data privacy laws and financial regulation.

• The W3C open standards for Verifiable Credentials are expected to advance to

“proposed recommendation” in Q3 2019. This is the final stage before becoming a W3C

recommendation and effectively become an identity standard for the web;

• The Sovrin decentralised identity network and the ecosystem being created by the

Decentralised Identity Foundation community of Microsoft, Mastercard, IBM, Evernym,

Deloitte, Barclaycard and many others are maturing rapidly around these standards;

• These points can address the problem of the “missing identity layer for the internet”;

• The Facebook Libra assertion that “decentralized and portable digital identity is a

prerequisite to financial inclusion and competition” is a powerful pointer to how big

tech firms plan to tackle their trust issues with financial regulators and central banks;

• The GOV.UK Verify federated identity scheme for citizen identity is being opened up

to the private sector by April 2020 when public funding is withdrawn. DCMS issued

their Call for Evidence on digital identity in a paper that explicitly favours portable

digital identity credentials for citizens created “under their own control”;

• Of the 29 projects accepted into FCA Regulatory Sandbox Cohort 5, four are directly

related to portable digital identity and KYC, while eight others have strong associations.

UK financial institutions should engage with decentralised identity as there are opportunities

to be seized and missed in this fast maturing new landscape. Some actions to consider are:

1. To focus your thinking around digital identity, review the forthcoming responses to the

DCMS Call for Evidence that completed on 15th September 2019.

https://www.gov.uk/government/consultations/digital-identity

2. Conduct business case research around issuing and relying on portable digital identity

credentials to quantity the cost savings, understand the benefits, opportunities, risks

and threats specific to your organisation. The costs of KYC / CDD vary wildly between

firms - surveys from Thomson Reuters and others typically put them in the £ millions

p.a. depending on the scale and functions involved. The scope for cost saving is huge.

3. For specialist help, look at partnerships such as Evernym, Sovrin and Microsoft:

https://www.evernym.com/plans/early-access/

https://sovrin.org/join-the-sovrin-alliance/

https://www.microsoft.com/en/security/technology/own-your-identity

4. For the global technical perspective, engage with the W3C, DIF and Sovrin communities

5. For the national policy perspective, look at the FCA Sandbox, engage with Digital

Identity groups at techUK, TISA and THINK Digital who operate close to government.

Consider the need for a consortium of members focussed on the distribution, wealth

management and financial advice end of the of the financial services stack.

The Decentralised Financial Passport

13

Further Information and About the Author

On Digital Identity Standards and Frameworks

• https://www.w3.org/TR/vc-data-model/

• https://w3c-ccg.github.io/did-primer/

• https://www.gov.uk/government/publications/identity-proofing-and-verification-of-an-individual

• https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/720963/

good_practice_guide_45_identity_proofing_version_3_february_2017.pdf

• https://ico.org.uk/for-organisations/guide-to-eidas/what-is-the-eidas-regulation/

• https://www.gov.uk/servicemanual/identity-assurance

• https://www.verify.service.gov.uk/understand-levels-of-assurance/

• https://www.comsoc.org/publications/magazines/ieee-communications-standards-magazine/cfp/dawn-

internet-identity-layer-and

On Digital Identity and Regulatory Landscape

• https://www.bis.org/publ/arpdf/ar2019e3.htm

• https://www.techuk.org/insights/reports/item/14707-techuk-publishes-digital-identity-white-paper

• https://www.ctrl-shift.co.uk/reports/DCMS_Ctrl-Shift_Data_mobility_report_full.pdf

• http://financial-risk-solutions.thomsonreuters.info/Cost-of-Compliance-2019

• https://www.paymentsjournal.com/uh-oh-is-apple-expanding-the-restriction-on-nfc-to-include-mobile-identity/

• https://www.computerweekly.com/blog/Computer-Weekly-Editors-Blog/Why-Govuk-Verify-faces-a-critical-

few-months-again

• https://www.civilserviceworld.com/articles/opinion/opinion-think-britain-beats-world-digital-services-think-

again-china-rules-digital

• https://www.ft.com/content/3e1f00e2-eac8-11e7-bd17-521324c81e23

• https://thefinanser.com/2019/08/chris-skinners-tedx-talk.html/

• https://media.consensys.net/the-state-of-stablecoins-2019-40c3eca990f4

• https://vitalik.ca/general/2019/05/09/control_as_liability.html

On Digital Identity News and Initiatives

• https://newsroom.mastercard.com/press-releases/mastercard-introduces-consumer-centric-model-for-

digital-identity/

• https://www.moneyobserver.com/opinion/financial-futures-digging-digital-passport

• https://moneyweek.com/388096/the-digital-passport-that-could-revolutionise-british-savings-culture/

• https://www.computerweekly.com/news/252451663/UK-Post-Office-looks-to-enable-reusable-digital-ID

• https://vonx.io/

• https://www.newsweek.com/2019/03/08/can-blockchain-finally-give-us-digital-privacy-we-deserve-

1340689.html

• https://www.theguardian.com/business/2019/aug/23/mark-carney-dollar-dominant-replaced-digital-

currency

On Decentralised Identity Implementation

• https://identity.foundation

• https://www.evernym.com/ebook-decentralized-identity-for-banks/

• https://sovrin.org/the-sovrin-alliance/

• https://www.hyperledger.org/projects/hyperledger-indy

• https://www.hyperledger.org/projects/aries

• https://www.devteam.space/blog/how-to-build-a-self-sovereign-identity-wallet/

The Decentralised Financial Passport

14

About the Author

Many thanks for reading this paper. Please get in touch if you’re interested in exploring

further…

Al Sherriff

alan.sherriff@cboxx.com

www.linkedin.com/in/alsherriff

www.twitter.com/CBoxxLtd

www.cboxx.com

Over 25 years of experience working in UK financial services technology as a developer,

business analyst, architect, agile project manager and innovation consultant. Notable clients

include The Exchange, Standard Life, Time4Advice at St. James’s Place and Mattioli Woods,

Profile Pensions, AXA Wealth, Winterthur Life, Association of Professional Financial Advisers,

Chase de Vere, Skipton FS, Pillar Project / 2030, Origo and Criterion.

On blockchain technology and decentralised identity - research, consulting, writing, pitching

and presenting since 2015 – specifically for Hult Business School, Calastone, Digital Identity

for the Identityless (DI4I, led by University of the West of England), Blockchain 4 Good (at

techUK), The Investment Network, Hub of all Things (HAT) at Oxfam, Money Marketing, the

Institute for Chartered Accountants in England & Wales (ICAEW), Team Blockchain, Frontiers

In Blockchain, Pillar Project / 2030 and Criterion.

With special thanks to David Taylor of OCP for his invaluable feedback and review …

david.taylor@ocp.co.uk

https://twitter.com/rdavidtaylor

http://www.ocp.co.uk/who-we-are